House Approves Round 2 For the PPP and EIDL Programs (4/24/20)

HOUSE APPROVES $484 BILLION BILL TO AID SMALL BUSINESSES / HOSPITALS

$310 BILLION MORE IN LOANS FOR THE PAYCHECK PROTECTION PROGRAM (PPP), WHICH DEPLETED ITS INITIAL $350 BILLION ALLOCATION LAST WEEK.

ROUGHLY $60 BILLION WILL ALSO GO TOWARD ANOTHER SMALL BUSINESS PROGRAM THAT HAS RUN OUT OF MONEY, THE ECONOMIC INJURY DISASTER LOAN PROGRAM (EIDL).

IF YOU DID NOT GET A PPP OR EIDL LOAN IN ROUND 1, TODAY IS THE DAY TO GET YOUR APPLICATIONS IN IF YOU WANT A GLIMMER OF A CHANCE TO BE IN ROUND 2!

REMEMBER: THE PPP IS A POTENTIALLY FORGIVABLE LOAN THAT IS NET CAP NEUTRAL PER THE REGULATORS. YOU MUST *ONLY* SPEND THE MONEY ON, ESSENTIALLY AND IN SUMMARY, PAYROLL EXPENSES AND RENT/UTILITIES (rent/utilities not to exceed 25% of total LV) FOR THE LOAN FUNDS TO BE DEEMED FORGIVABLE AT THE END OF YOUR 8-WEEK LOAN PERIOD.

THE LOAN PERIOD (8-WEEKS) BEGINS THE DAY OF THE FIRST DEPOSIT MADE BY YOUR LENDING INSTITUTION INTO YOUR FIRM'S BANK ACCOUNT.

ROUND 2 IS GOING TO RUN OUT QUICKLY -- SO APPLY TODAY!

Stay strong. Stay safe. Stay in touch.

Paige

Paige W. Pierce

President

McLaughlin Ryder Investments, Inc.

(703) 684-9222, ext 215 (w)

(801) 949-5577 (m)

ppierce@mclaughlinryder.com